5(6(1+$

%(1-$0,1:DOWHU$REUDGHDUWHQDpSRFDGHVXDUHSURGXWLELOLGD
GHWpFQLFD,Q$'2512HWDO7HRULDGD&XOWXUDGHPDVVD7UDGGH
&DUORV1HOVRQ&RXWLQKR6mR3DXOR3D]H7HUUDS

9$/(5,$0$5,$&+$9(6'(),*8(,5('2
$1$3$8/$2/,9(,5$

&RP R LQWXLWR GH FRQVWUXLU XPD WHRULD PDWHULDOLVWD GD DUWH RX
FRPR FLWD:DOWHU %HQMDPLQ XP ³WUDEDOKR GH WHRULD HVWpWLFD´ HP ³$
REUDGHDUWHQDpSRFDGHVXDUHSURGXWLELOLGDGHWpFQLFD´RDXWRUWUD]D
GLVFXVVmRVREUH$UWHH0RGHUQLGDGH&DSLWDOLVWD
$SDUWLUGHXPDRULHQWDomRWHyULFDPDU[LVWDHIUHXGLDQD:DOWHU
%HQMDPLQLQLFLDDGLVFXVVmRFRPRVXUJLPHQWRGDUHSURGXomRWpFQLFD
RVJUHJRVFRQKHFLDPDIXQGLomRHRUHOHYRSRUSUHVVmRORJRUHSURGX
]LDP PRHGDV WUDEDOKDYDP R EURQ]H H R EDUUR FR]LGR &RP D JUDYX
UD HP PDGHLUD SHOD SULPHLUD YH] VH UHSURGX]LX R GHVHQKR DQWHV GD
LPSUHQVDPXOWLSOLFDUDHVFULWD$LGDGHPpGLDFRQKHFHXD[LORJUDYXUD
JUDYXUDHPPHWDOHiJXDIRUWHHQRVpF;,;DOLWRJUD¿D$DUWHJUi¿FD
GH¿QLWLYDPHQWHSDVVRXDLOXVWUDURFRWLGLDQRSRULVVRVHWRUQRXtQWLPD
FRODERUDGRUDGDLPSUHQVD(PSRXFDVGpFDGDVQDVFHDIRWRJUD¿DHD
LGpLDGDYHORFLGDGHGHFDSWDomRGDLPDJHPRROKRTXHFDSWDPDLVUiSL
GRRFRWLGLDQRTXHDPmRQRGHVHQKReRJHUPHGRFLQHPD
:DOWHU %HQMDPLQ DSRQWD SDUD DOJXPDV TXHVW}HV LPSRUWDQWHV
FRPRDQRomRGHDXWHQWLFLGDGHRYDORUGHFXOWRHDXQLFLGDGHQDREUD

 3URIHVVRUDGD8QLYHUVLGDGH)HGHUDOGH*RLiVGRXWRUDQGDGD)(8QLFDPS
 3URIHVVRUD GD 38&&DPSLQDV H GRXWRUDQGD HP &RPXQLFDomR H 6HPLyWLFD SHOD
38&63

3HQVDUD3UiWLFD-DQ-XQ 
GHDUWH2³KLFHWQXQF´GRRULJLQDOFRQVWLWXLRTXHFKDPDGHDXWHQWLFL
GDGHDXQLFLGDGHGHVXDSUHVHQoDQRSUySULRORFDORQGHHODVHHQFRQWUD
1RHQWDQWRHVVHFRQFHLWRQmRWHPVHQWLGRSDUDXPDUHSURGXomRWpFQLFD
RXQmRSRLVHVWDQRomRHVFDSDDWRGDUHSURGXomRHVWDEHOHFHHQWmRGLIH
UHQFLDo}HVHQtYHLVQDSUySULDDXWHQWLFLGDGH&RPRD¿UPDRDXWRU

2TXHID]FRPTXHXPDFRLVDVHMDDXWrQWLFDpWXGRRTXHHODFRQWpPGH
RULJLQDULDPHQWHWUDQVPLVVtYHOGHVGHVXDGXUDomRPDWHULDODWpVHXSR
GHUGHWHVWHPXQKRKLVWyULFR&RPRHVVHWHVWHPXQKRUHSRXVDVREUHHVVD
GXUDomR QR FDVR GD UHSURGXomR HP TXH R SULPHLUR HOHPHQWR HVFDSD
DRVKRPHQVRVHJXQGRRWHVWHPXQKRKLVWyULFRGDFRLVDHQFRQWUDVH
LJXDOPHQWHDEDODGR1mRHPGRVHPDLRUSRUFHUWRPDVRTXHpDVVLP
DEDODGRpDSUySULDDXWRULDGDFRLVDS

'HVVDPDQHLUDGLVFXWHVHHPTXHpSRFDGDUHSURGXWLELOLGDGHWpF
QLFDDREUDGHDUWHpDWLQJLGDHPVXDDXUDHHVVHSURFHVVRFRPRVLQWRPD
XOWUDSDVVDRGRPtQLRGDDUWH6HQGRDVVLPDUHSURGXWLELOLGDGHFRPD
UHWRPDGDGRVHPSUHLGrQWLFRFRQWULEXLGLUHWDPHQWHSDUDDGHVWUXLomR
GRFDUiWHU~QLFRGDDXWHQWLFLGDGHHGDWUDGLomR1RVLVWHPDFDSLWDOLVWD
D H[LVWrQFLD ~QLFD p VXEVWLWXtGD SRU XPD H[LVWrQFLD VHULDO  %HQMDPLQ
DSRQWDRFLQHPDFRPRDJHQWHH¿FD]GHVVDVFRQWUDGLo}HV

TXDQGR$EHO*DQFHHPJULWDYDFRPHQWXVLDVPR³6KDNHVSHDUH
5HPEUDQGW%HHWKRYHQIDUmRFLQHPD>@7RGDVDVOHQGDVWRGDVDVPL
WRORJLDVHWRGRVRVPLWRVWRGRVRVIXQGDGRUHVGHUHOLJL}HVHDVSUySULDV
UHOLJL}HVHVSHUDPUHVVXUUHLomROXPLQRVDHRVKHUyLVEDWHPHPQRVVDV
SRUWDVSHGLQGRSDUDHQWUDU´VHPTXHUHUQRVFRQYLGDYDSDUDXPDOLTXL
GDomRJHUDOS

1RWDVHHPDOJXQVWUHFKRVRRWLPLVPRGH%HQMDPLQGLDQWHGRV
PHLRVGHFRPXQLFDomRGHPDVVDSULQFLSDOPHQWHXPHQWXVLDVPRSHOR
FLQHPDGHPDVVDVHSHODUHSURGXWLELOLGDGHWpFQLFDXPDYH]TXHHVVHV
SRGHPFDLUQRFRQWUROHSRSXODUGHPRQVWUDQGRTXHDTXLORTXHVHSUR
GX]FROHWLYDPHQWHGHYHVHUDSURSULDGRSHODFRPXQLGDGH
1R HQWDQWR FRPR R DXWRU WUDEDOKD FRP LPDJHQV GLDOpWLFDV DR
PHVPRWHPSRHPTXHROKDSDUDRFLQHPDFRPRXPDH[SHULrQFLDFR
OHWLYDFRPVXDVFRQVHTrQFLDVVRFLDLVHSROtWLFDVWDPEpPRHQWHQGH
GLDQWHGDPRGHUQLGDGHFDSLWDOLVWDHPTXHHVVDH[SHULrQFLDGiOXJDUj
PDVVL¿FDomR

 ),*8(,5('290&HWDO>5HVHQKD@7HRULDGD&XOWXUDGHPDVVD
 'HDFRUGRFRPRDXWRULQVWDXUDVHXPGHFOtQLRGDDXUDTXHUH
VXOWDGHGXDVFLUFXQVWkQFLDVDPEDVHPFRUUHODomRFRPRFUHVFHQWHSD
SHOGHVHPSHQKDGRSHODVPDVVDVQDYLGDDWXDO(QFRQWUDPVHGXDVWHQ
GrQFLDVGHLJXDLVIRUoDVQDVSUySULDVPDVVDVTXHSRUXPODGRH[LJLULDP
TXHDVFRLVDVVHWRUQDVVHPHVSDFLDOHKXPDQDPHQWH³PDLVSUy[LPDV´
HSRURXWURWHQGHPDDFROKHUDVUHSURGXo}HVDH[HPSORGHXPMRUQDO
LOXVWUDGRTXHpPXLWRPDLVTXHVLPSOHVLPDJHP
3DUD%HQMDPLQHVVHGHFOtQLRRFRUUHQDPRGHUQLGDGHSRUFDXVD
GRGHVDSDUHFLPHQWRGDVDWLYLGDGHVIDYRUiYHLVFRPRFRQWDUKLVWyULDVH
GHVVDPDQHLUDDDXVrQFLDGHWUDQVPLVVmRGDH[SHULrQFLDFROHWLYDSRU
PHLR GD WUDGLomR  1R HQWDQWR DR UHÀHWLU D UHVSHLWR GD GHVWUXLomR GD
DXUDQRWDVHQRDXWRUDLQH[LVWrQFLDGRSHVVLPLVPRFDUDFWHUtVWLFRGRV
IUDQNIXUWLDQRV$R FRQWUiULR  DQDOLVD D SHUGD GD DXUD SHORV DVSHFWRV
SRVLWLYRVHQHJDWLYRV
$ DXUD GH¿QHVH FRPR ³~QLFD DSDULomR GH XPD UHDOLGDGH ORQ
JtQTXDSRUPDLVSUy[LPDTXHHODSRVVDHVWDU´S6HQGRDVVLPR
YDORUGDXQLFLGDGH³DXWrQWLFD´VHEDVHLDQRULWXDOTXHRULJLQDULDPHQWH
IRLGDGR2SDSHOGHVHPSHQKDGRSHORFRQFHLWRGHDXWHQWLFLGDGHpDPEt
JXRFRPDVHFXODUL]DomRGDDUWHWRUQDVHVXEVWLWXWRGRYDORUFXOWXUDO
(VVDGLVFXVVmRID]VXUJLUXPQRYRIDWRDHPDQFLSDomRGDREUD
GHDUWHGDH[LVWrQFLDSDUDVLWiULDTXHOKHHUDLPSRVWDSRUVXDIXQomRUL
WXDO$H[HPSORGRQHJDWLYRHPIRWRJUD¿DTXHSRGHVHWLUDUJUDQGHQ~
PHURGHSURYDVVHULDDEVXUGRSHUJXQWDUTXDOVHULDDDXWrQWLFD3RUWDQWR
GHVGH TXH R FULWpULR GH DXWHQWLFLGDGH QmR PDLV VH DSOLFD j SURGXomR
DUWtVWLFDWRGDIXQomRGHDUWHpVXEYHUWLGDHODVHIXQGDDJRUDQmRDSHQDV
QRULWXDOPDVQRXWUDIRUPDGDSUi[LVDSROtWLFD
¬ PHGLGD TXH VH HPDQFLSDP DV REUDV GH DUWH WRUQDPVH PDLV
DFHVVtYHLVDVHUHPH[SRVWDV,VVRDIHWDWDPEpPDTXDOLGDGHGDSUySULD
QDWXUH]DGDDUWHSRLVVHXYDORUH[SRVLWLYROKHHPSUHVWDIXQo}HVQRYDV
GHPDQHLUDTXHDIXQomRDUWtVWLFDDSDUHoDFRPRDFHVVyULD&RPRD¿UPD
%UHFKWFLWDGRSRU%HQMDPLQ³GHVGHTXHDREUDGHDUWHVHWRUQDPHU
FDGRULDQmRPDLVVHOKHSRGHDSOLFDUDQRomRGHREUDGHDUWH´S
:DOWHU%HQMDPLQVDOLHQWDSROrPLFDVHPFXUVRGRVpF;,;HQ
WUH SLQWRUHV H IRWyJUDIRV QR TXH GL] UHVSHLWR DRV YDORUHV UHVSHFWLYRV
GDVVXDVREUDVWDPEpPQRFLQHPDHQRWHDWUR1RWHDWURpRDWRUHP
SHVVRDTXHDSUHVHQWDGLDQWHGRS~EOLFRVXDSUySULDDWXDomRDUWtVWLFD-i
DDWXDomRGRDWRUFLQHPDWRJUi¿FRH[LJHDPHGLDomRGHWRGRXPPHFD
QLVPR6mRGLIHUHQWHVPHGLDo}HV2DWRUGHWHDWURHQIUHQWDHDGDSWDVH

3HQVDUD3UiWLFD-DQ-XQ 
GLDQWHGDVUHDo}HVGLUHWDVGRS~EOLFRHDVVLPQRWDVHDDSDULomR~QLFD
GHDOJRGLVWDQWHRXVHMDDDXUD
1RFLQHPDDVSUySULDVQHFHVVLGDGHVWpFQLFDVRSHUDWyULDVGLVVRFLDP
DUHSUHVHQWDomRGRLQWpUSUHWHHPVpULHGHHSLVyGLRVSRVWHULRUPHQWHPRQ
WDGRVHIUDJPHQWDGRV³FRPRQRWDYD3LUDQGHOORRLQWpUSUHWHFLQHPDWRJUi
¿FRVHQWHVHHVWUDQKRGLDQWHGHVXDSUySULDLPDJHPTXHOKHpDSUHVHQWDGD
SHODFkPHUD´S6HQGRDVVLPKiDUHVWULomRGRSDSHOGDDXUDHD
FRQVWUXomRDUWL¿FLDOGD³SHUVRQDOLGDGH´GRDWRURXVHMDRFXOWRGD³HVWUH
OD´DIDYRUGRFDSLWDOLVPRGRVSURGXWRUHV$LQGDVXJHUHTXHDWpFQLFDGR
FLQHPDVHDVVHPHOKDDRHVSRUWHHPTXHRVHVSHFWDGRUHVVmRVHPLHVSH
FLDOLVWDV1mRSRUDFDVRHGLWRUHVGHMRUQDORUJDQL]DPSURYDVDSHQDVSDUD
VHXVMRYHQVHPSUHJDGRVHHVVDVFRUULGDVSURYRFDPLQWHUHVVHHQWUHVHXV
SDUWLFLSDQWHV2YHQFHGRUSRGHGHL[DUGHVHUYHQGHGRUGHMRUQDOHVHWRUQDU
FRUUHGRUSUR¿VVLRQDO1RFLQHPDTXDOTXHUSHVVRDTXHSDVVHSHODUXDWHP
RSRUWXQLGDGHGHDSDUHFHUQDWHOD2DXWRULQGLFDTXHDWpFQLFDGHUHSURGX
omRYLVWDQDDUWHPRGL¿FDPDDWLWXGHGDPDVVDGLDQWHGDPHVPD
$SDUWLUGRVpF;,;GLPLQXLVHDVLJQL¿FDomRVRFLDOGDDUWHH
YrVH XP GLVWDQFLDPHQWR HQWUH R HVStULWR FUtWLFR H D IUXLomR GD REUD
6LQWRPDGHXPDFULVHQDTXDOVHIUXLVHPFULWLFDUDTXLORTXHpFRQYHQ
FLRQDOHRYHUGDGHLUDPHQWHQRYRpFULWLFDGRFRPUHSXJQkQFLD*UDoDV
DRFLQHPDUHYROXFLRQDULDPHQWHSRGHVHUHFRQKHFHUDLGHQWLGDGHHQWUH
RDUWtVWLFRGDIRWRJUD¿DHRFLHQWt¿FRDWpHQWmRGLYHUJHQWHV6HIRUED
QDODQDOLVDURPRGRGHDQGDUGRVKRPHQVSRURXWURODGRQDGDVHVDEH
GHVXDDWLWXGHQDIUDomRGHVHJXQGRHPTXHGiXPSDVVR³SHODSULPHLUD
YH]HODDFkPHUDQRVDEUHDH[SHULrQFLDGHXPLQFRQVFLHQWHYLVXDO
DVVLP FRPR D SVLFDQiOLVH QRV IRUQHFH D H[SHULrQFLD GR LQFRQVFLHQWH
LQVWLQWLYR´S
8PDGDVWDUHIDVGDDUWHQRVWHPSRVPRGHUQRVFRQVLVWLXQDGH
PDQGDGHXPWHPSRDLQGDQmRPDGXURSDUDVDWLVID]rODHPSOHQLWXGH
$FDGDQRYDH[LJrQFLDUDGLFDODEULQGRFDPLQKRSDUDRIXWXURHODXOWUD
SDVVDVHXVSURSyVLWRV1RFDVRGRVGDGDtVWDVGDYDPSRXFDLPSRUWkQFLD
PHUFDQWLOjVREUDVHGHVSRMDYDPGHPDQHLUDUDGLFDOTXDOTXHUDXUDSRLV
LPSUHJQDYDPRHVWLJPDGDUHSURGXomR
6HJXH UHIHULQGR TXH ³D PDVVD p D PDWUL] GH RQGH EURWD DWXDO
PHQWHWRGRXPFRQMXQWRGHQRYDVDWLWXGHVHPIDFHGDREUDGHDUWH$
TXDQWLGDGHWRUQRXVHTXDOLGDGH´S$VPDVVDVEXVFDPGLYHUVmR
0DVDDUWHQHFHVVLWDGRUHFROKLPHQWR4XHPVHUHFROKHGLDQWHGDREUD
GH DUWH SRU HOD p HQYROYLGR &RPR LPDJHP GLDOpWLFD R DXWRU FLWD D

 ),*8(,5('290&HWDO>5HVHQKD@7HRULDGD&XOWXUDGHPDVVD
KLVWyULDGHXPSLQWRUFKLQrVTXHGHDFRUGRFRPDOHQGDSHUGHXVHQD
SDLVDJHPTXHDFDEDUDGHSLQWDU
:DOWHU %HQMDPLQ ¿QDOL]D R WH[WR GLVFXWLQGR D SUROHWDUL]DomR
FUHVFHQWHGRKRPHPFRQWHPSRUkQHRHDVSURJUHVVLYDVLPSRUWkQFLDVGDV
PDVVDV TXH VmR DVSHFWRV GH XP PHVPR SURFHVVR KLVWyULFR 2 IDVFLV
PRSUHWHQGHRUJDQL]DUDVPDVVDVVHPDOWHUDURUHJLPHGHSURSULHGDGH
SURSRVWDVTXHHVWDVWHQGHPDUHMHLWDUSRLVWrPRGLUHLWRGHH[LJLUWUDQV
IRUPDo}HVHRIDVFLVPRSHUPLWHTXHVHH[SUHVVHPSRUpPVHPPXGDU
RUHJLPHHUHVXOWDQGRQXPDHVWHWL]DomRGDYLGDSROtWLFD(VVDYLROrQFLD
LPSRVWDGHFXOWRDXPFKHIHDVVHPHOKDVHDGHXPDDSDUHOKDJHPFR
ORFDGDDVHUYLoRGDUHOLJLmR2SRQWRFRQYHUJHQWHGHVVDHVWHWL]DomRpD
JXHUUDHVXDJORUL¿FDomRSRUSDUDOLVDUDVIRUoDVSURGXWLYDV

)LDW DUV SHUHDW PXQGXV p HVVD D SDODYUD GH RUGHP GR IDVFLVPR TXH
FRPR0DULQHWWLRUHFRQKHFHHVSHUDREWHUQDJXHUUDDVDWLVIDomRDUWtVWLFD
GHXPDSHUFHSomRVHQVtYHOPRGL¿FDGDSHODWpFQLFD5HVLGHDtHYLGHQ
WHPHQWHDSHUIHLWDUHDOL]DomRGDDUWHSHODDUWH1DpSRFDGH+RPHURD
KXPDQLGDGHVHRIHUHFLDHPHVSHWiFXORDRVGHXVHVGR2OLPSRHODDJRUD
VHFRQYHUWHXQRSUySULRHVSHWiFXOR7RUQRXVHWmRDOLHQDGDVHVLPHVPD
TXHFRQVHJXHYLYHUVXDSUySULDGHVWUXLomRFRPRXPSUD]HUHVWpWLFRGH
SULPHLUDRUGHP$UHVSRVWDGRFRPXQLVPRpSROLWL]DUDDUWHS

6HPG~YLGDDOJXPDHVWHFRQWLQXDVHQGRXPWH[WRDWXDOLPSRU
WDQWHHSDVVtYHOGHPXLWDVLQWHUSUHWDo}HV:DOWHU%HQMDPLQpXPJUDQ
GHDXWRUPRGHUQRHQRVDSUR[LPDGHVXDVUHÀH[}HVVREUHXPDWHRULD
PDWHULDOLVWDGDDUWHHDGLVFXVVmRGHFXOWXUDGHPDVVDQDPRGHUQLGDGH
FDSLWDOLVWDeXPDREUDGHUHIHUrQFLDSDUDDVFLrQFLDVKXPDQDVHVRFLDLV
HSDUDD$UWH([LVWHPDOJXPDVGLIHUHQoDVQDVWUDGXo}HVHQFRQWUDGDV
GHVWHWH[WRSDUDRSRUWXJXrV$HVFROKLGDSDUDHVWHWUDEDOKRpXPDUH
FHQWHSXEOLFDomRPDVVXDSULPHLUDYHUVmRVHHQFRQWUDQROLYUR2EUDV
HVFROKLGDV ± PDJLD H WpFQLFD DUWH H SROtWLFD GD (GLWRUD %UDVLOLHQVH
9DOHDSHQDFRQIHULUDVGXDVYHUV}HV

127$6


 (VVHWH[WRHVFULWRHPHSXEOLFDGRQD5HYLVWDGH3HVTXLVD6R
FLDOYHtFXORFRQVLGHUDGRSRUWDYR]GRVHVWXGRVUHDOL]DGRVQR,QV
WLWXWRGH3HVTXLVDV6RFLDLVGH)UDQNIXUWWDPEpPFRQKHFLGRFRPR

3HQVDUD3UiWLFD-DQ-XQ 
 (VFROD GH )UDQNIXUW FRORFD HP GLVFXVVmR R FRQFHLWR GH DXUD QD
UHODomR FRP R SURFHVVR GH UHSURGXWLELOLGDGH WpFQLFD$V UHÀH[}HV
UHDOL]DGDV SHORV LQWHOHFWXDLV SHUWHQFHQWHV D HVWD HVFROD HQWUH HOHV
$GRUQR+RUNKHLPHUHRSUySULR%HQMDPLQWLQKDPFRPRREMHWRD
QRYDVRFLHGDGHSyVLQGXVWULDOHGHFRQVXPRTXHVHIRUPDYDFRPR
GHVHQYROYLPHQWRFDSLWDOLVWDHP¿QVGRVpFXOR;,;HVXDUHVSHFWLYD
FXOWXUD2VHVWXGRVFUtWLFRVGD(VFRODGH)UDQNIXUWHPUHODomRjLQ
G~VWULDFXOWXUDOWUD]LDPFRPRPDUFDVHXFDUiWHUSHVVLPLVWD

 (PQRWDH[SOtFLWDTXHDVFRLVDV³KXPDQDPHQWHPDLVSUy[LPDV´GD
PDVVDQmROHYDPHPFRQWDVXDIXQomRVRFLDOSRLVQDGDJDUDQWHTXH
XP UHWUDWLVWD FRQWHPSRUkQHR UHSUHVHQWDQGR XP FpOHEUH FLUXUJLmR
DOPRoDQGRSRUH[HPSORFDSWHPDLVDIXQomRVRFLDOGHTXH5HP
EUDQGWQRTXDGUROLo}HVGHDQDWRPLDTXHDSUHVHQWDDRS~EOLFRGH
VHXWHPSRPpGLFRVQRH[HUFtFLRGDPHVPDIXQomR

5HFHELGRGHRXWXEURGH
$SURYDGRGHGH]HPEURGH

(QGHUHoRSDUDFRUUHVSRQGrQFLD
)DFXOGDGHGH(GXFDomR)tVLFDGD8)*
5RG'3HGUR,.P±3DUTXHGDV8QLYHUVLGDGHV
&DPSLQDV±6mR3DXOR
&(3
(PDLOYDOHULD#IHIXIJEU
DQDROLYHLUD#SXFFDPSLQDVHGXEU


 ),*8(,5('290&HWDO>5HVHQKD@7HRULDGD&XOWXUDGHPDVVD